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Gazumping may sound like an exotic African mammal, but unfortunately its true meaning is not so romantic. Gazumping is the act of a property seller taking a higher offer for their property from an outside party despite already having agreed a sale with another buyer for a lower amount. With property prices on the rise, this is an all too common occurrence unfortunately. The original eager buyer has all their belongings ready to go, have a buyer for their own property, planned local schools for the children and their journeys to work, forked up solicitor and mortgage fees then suddenly boom,...
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Losing out on a dream home can be a difficult experience, but there are steps that can be taken to maximise a buyer’s chances of concluding their next purchase successfully, according to the National Association of Estate Agents (NAEA). NAEA’s latest research reveals that there are, on average at a national level, over eight buyers for every property that comes to market. With this level of competition, buyers are increasingly left disappointed, even if their offer has been accepted. Under the rules of the English conveyancing system, the seller or purchaser is completely free to pull...
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Renting a property can be a daunting process, especially as demand for rental property continues to outstrip supply*. Market conditions in many areas mean prospective tenants need to be prepared and ready to make an offer as soon as they are happy, or face losing their dream property. Susan Fitz-Gibbon, President of the Association of Residential Letting Agents said: "Many agents are currently low on stock and tenants could risk losing out if they are inefficient in their bid. Competition is fierce, so it is important that you are in the best position possible to successfully secure a...
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Following the Mortgage Market Review by the Financial Conduct Authority, the process of getting a mortgage is likely to get harder with potentially less money available to people to borrow. The new rules are designed to protect borrowers from taking on more debt than they can afford and lenders will now be looking in more depth at borrowers’ finances. From the end of April, all monthly payments and household expenses such as utility bills will be looked at and validation of these may be required. Bank statements will be gone through with a fine tooth comb and questions may be raised about any...
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ARLA report shows reluctant landlords may become a thing of the past Association of Residential Letting Agents (ARLA) research reveals that the number of people letting out properties because they have been unable to sell has dropped to a record low. According to ARLA’s latest quarterly report, the percentage of letting agents seeing an increase in rental property entering the market because it cannot be sold has fallen to just 13%. This figure represents the fourth consecutive fall, and is far below the 94% high recorded when the question was first asked at the start of 2009, during the...
